Equity Bank, MUA-Insurance launch low interest banking-insurance product to empower women customers

Women across Rwanda, ranging from existing customers with insurable assets to new entrepreneurs, as well as both salaried and non-salaried individuals are set to benefit from Isheja, a hybrid banking and insurance product co-developed by Equity Bank Rwanda and MUA Insurance Rwanda Ltd. Exclusively designed to empower women, Isheja addresses their unique financial needs by combining access to affordable credit, expert business advisory, and comprehensive insurance coverage that protects both personal and business interests. The product was officially unveiled following the signing of a Memorandum of Understanding on March 30 at Equity Bank Rwanda's Head Office. Both institutions emphasized that the solution is inclusive, targeting women across different economic segments whether individuals or business owners. Eric Rutabana, Commercial Director at Equity Bank Rwanda, described Isheja as a transformative initiative aimed at driving long-term impact. Isheja is more than a product, it is a movement to empower women with the financial tools, resilience, and confidence they need to grow sustainable businesses and unlock new opportunities, he said. According to Frank Ngarambe, Head of Bancassurance at Equity Bank Rwanda, eligibility extends to women entrepreneurs, individuals, members of women's groups, individual MUA customers (upon opening an account with Equity Bank), and women with a strong credit history seeking financing. We have intentionally removed barriers to access. There is no minimum loan amount under Isheja, because this product is designed for all women whether individuals or businesses at every stage of their journey, he said. Ngarambe added that beneficiaries can access financing tailored to their needs, with preferential interest rates starting from as low as 1.3 per cent per month, aimed at accelerating women's financial growth. Beyond financing, Isheja offers key banking benefits including affordable loans at competitive rates, business advisory services, and entrepreneurship training. The product also features maternity repayment relief of up to two months, as well as up to 75 per cent collateral support to ease access to credit for women with limited security. On the insurance side, MUA provides a suite of tailored solutions, including Fire Insurance covering residential, commercial, and administrative properties, Personal Accident Insurance for accidental death and permanent disability, and Motor Insurance for both Additional benefits include bundled discounts for multiple insurance products, roadside assistance and emergency towing services, and a car replacement service to ensure business continuity in the event of an accident. Customers with a claim-free record can also enjoy car wash rewards, while referral incentives offer additional discounts for bringing in new clients. The launch of Isheja reflects our strategic vision to empower women economically through innovative financial solutions, said Ngarambe. By combining banking and insurance, we are providing women with access to capital, business guidance, and protection enabling them to thrive and contribute meaningfully to Rwanda's economy. The product is available to all women customers of Equity Bank, including both borrowers and non-borrowers who own insurable assets and meet standard banking requirements. Konde Bugingo, Managing Director of MUA Insurance Rwanda Ltd, emphasized the importance of the partnership in supporting women holistically. At MUA, we firmly believe that women are not only the foundation of our future, but also the backbone of our nation. This partnership allows us to complement existing financial solutions with insurance services that provide confidence and security, he said. Bugingo further highlighted that the goal is to enable women to focus on growing their businesses without worrying about risks. Over the past 10 to 15 years, our data shows that women have consistently demonstrated lower claims ratios compared to men. This reinforces the need to recognize and reward their responsibility through more tailored and fair solutions, he noted. He added that discounted premiums, fast claims processing, and value-added services such as replacement vehicles and roadside assistance are designed to safeguard women entrepreneurs against unforeseen disruptions. Women interested in Isheja can visit their nearest Equity Bank branch or call 4555 for more information.

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Equity Bank, MUA-Insurance launch low interest banking-insurance product to empower women customers